Placed on the Union Calendar, Calendar No. 612.
Summary
The bill orders the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the National Credit Union Administration to work with Treasury, FinCEN, the FTC, the CFPB, the FCC and other agencies to conduct a comprehensive study on AI, machine learning and other advanced tools used to detect financial fraud. It focuses on how community banks and credit unions adopt these tools, the obstacles they face, and how regulation could better support them. The agencies must deliver a report with findings and recommendations within 18 months of enactment.
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